The Cloud And Your Accounting Firm
Cloud technology has created opportunities for a huge boost in productivity, efficiency, and profitability. That’s why a number of industries are steadily transitioning more and more of their business into the cloud.
According to the 2018 IDG Cloud Computing Study:
- 77% of enterprises have at least one application or a portion of their enterprise computing infrastructure in the cloud.
- Enterprises predict they’ll invest on average $3.5M on cloud apps, platforms, and services this year.
- More technology-dependent industries including manufacturing, high-tech, and telecom are being led by executive management to become 100% cloud.
But despite everything this technology has to offer, there are still a lot of accounting professionals shying away from the cloud – and according to research published by Xero, doing so has left them with fewer clients…
Accounting Firms That Use The Cloud Have 5x As Many Clients
It’s true! The fact is that the cloud offers accounting firms the ability to scale their IT resources with ease and cost-effect, allowing them to serve more clients and reach new markets.
Since its introduction to the business world, the cloud has quickly established itself as one of the most integral technologies in modern society. In the private and professional worlds, the cloud has delivered a range of benefits, from convenient access to data to cost-savings in hardware reduction.
That’s why so many of our accounting clients and CPAs are moving to the cloud. No matter what you think, the cloud has changed the nature of IT, and business as a whole. That’s why you need to understand it.
What Is The Cloud & Why Should You Be Using It?
The cloud is a network of technologies that allows access to computing resources, such as storage, processing power, and more. That’s where the data is – in these data centers all around the world. Which data center your data is in depends on what cloud service provider you’re working with.
In addition to the statistic discussed above, you should be using the cloud for the same reasons that thousands of other accounting firms have already adopted cloud computing:
- Being able to better expand as your staff and principals have secure access to each and every client’s financial information.
- Lower costs in terms of your facility as there’s no need to expand or relocate to better accommodate large equipment and/or added staff members.
- Greater communication with clients in terms of providing them better access to their financial information.
- Enhanced productivity as there’s no need to disrupt your staff to make important updates to their systems.
The cloud enables you to enhance your profitability as you can serve more clients faster than ever before – so what are you waiting for?
The cloud is so popular today that so many specialized applications have been fully integrated with it. Moving your customized applications to the cloud simply means that you’re running them over the Internet rather than on your own computers or servers. Everything will work just as it does and look the same as it did when it ran from your computers or server.
The cloud is changing the way business technology works, proving to be a powerful resource for busy professionals that need more out of their technology. Having the right tools and support in place for your team can make all the difference for your firm as that technology continues to evolve.
Your concerns about the cloud made a lot more sense when it was new. It may still feel like a newer technology, but it’s really not. Years have been spent ironing out the kinks for cloud solutions – there’s never been a better time to get on board.
EPC Solutions is a Bay Area IT company specializing in providing technology services for businesses throughout the Bay Area.
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